Target Save is a special savings account designed to allow you to save for a specific event, such as your children’s education, a wedding, paying amalobolo, deposit for your dream home and the like. Our Target Save account offers you the opportunity to save a fixed amount of your choice every month for a minimum period of six months. The saving period is renewable.
Target Save Benefits
- A fixed monthly saving, determined by you, based on your savings needs and affordability;
- Flexible saving periods from 6, 9, 12, 18 and 24 months;
- An option of extending the savings period to further grow your savings;
- Interest on your savings will be calculated daily and applied monthly;
- No monthly service fees will be charged during the savings period;
- You will automatically qualify for an Ithala Cash Loan once your Target Save savings exceed a specific level;
- Convenience of stop order or debit order payments into your Target Save Account;
- Book-based account history, offering you easy reference to all transactions;
- The immediate availability of your savings and interest on the expiry of the savings period;
- The commitment of depositing funds regularly will develop your own savings track-record, which will assist you in applying for loans or finance in future.
How to Open a Target Save Account
- A minimum opening deposit of R50.00;
- Your valid identification document;
- Proof of your residential address;
- See our FICA brochure for details on other documents needed to open your Target Save Account.
You should always ensure that your identification document and your Target Save Account transaction book are always kept in a safe place. In the event of either or both of these documents being lost or stolen, please report the loss to any branch of Ithala immediately.